Meed | Dubai approves trillion dirham real estate strategy

Dubai approves trillion dirham real estate strategy

2 October 2024

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Dubai has approved a new real estate strategy that seeks to increase the value of Dubai’s real estate transactions to AED1tn ($272bn) by 2033.

“The strategy aims to increase the total real estate transactions by 70% and multiply the value of Dubai’s real estate schemes to AED20bn,” the government said in an official statement published by Emirates News Agency (Wam).

The real estate strategy also aims to contribute AED73bn to the emirate’s GDP by 2033.

“The programme involves launching several initiatives over the next decade to increase the quality of real estate developments, enhance transparency, leverage data for better market forecasting, integrate AI within the sector, centralise data and offer high-grade assets,” the statement added.

The aim is to attract investment as well as improve the buying and selling experience.

In addition to this, Dubai has also approved several other key programmes, including the Education Strategy 2033, Dubai Cashless Strategy, Suspended Transport Systems Project and Dubai National Archives Project.

The Crown Prince of Dubai Sheikh Hamdan Bin Mohammed Bin Rashid Al-Maktoum approved the plans.

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Yasir Iqbal